September 3, 2013

Broke-A$$ Brotha Tip #5: Retirement Planning and Investing

It is never too late to begin a program of retirement planning and investing. It would be better if you started sooner ... but, today is the first day of the rest of the life for any Broke-A$$ Brotha (or Sista)!   This blog likes to share tips with y'all about ways to increase revenue and decrease expenses ... we call them Broke-A$$ Brotha Tips.

Part of how Broke-A$$ Brothas get broke is procrastination. There is still time for you to make a commitment to a program of retirement planning and investing to plan for your future ... and the future of your progeny.
  1. Commit to saving for retirement. - Just hoping that you'll have enough money for retirement is not a smart strategy. Social Security alone won't cut it It's wiser to take control of retirement planning yourself by investing in company 401(k) plans and IRA accounts. Also, make a plan to save on a regular basis, whether you start with $50 a month or $5,000 a year.
  2. Create and adhere to a financial plan. - Having a plan enables you to how you can help your family in the fugure. For example, opening and contributing to a college saving fund gives you a sense of relief. There are many people who earn good income but don't think ahead for college education until the children are ready for college. President Obama wants to reduce the cost of college education ... but, we need to do our part.
  3. Don't waste your money. - You want to grow your money not throw your money away. Don't depend on winning the lottery as an investment or retirement fund. Look to investment vehicles such as stocks, bonds and mutual funds. Real estate is also a definite idea for you to consider.
How are you doing with your retirement planning? Investments? How about your savings plan ... do you save a regular amount each month? Being Broke-A$$ ain't something any of us want. Use these tips to jump start your commitment to financial empowerment.


Dexter Louis said...

These all suggestions are really operative to increase revenue and decrease expenses. A well-diversified portfolio can also spread out your investment risk. You should try it.

Wayne Hicks said...

...perhaps it's time for another Broke-A$$ Brotha Tip!